I 'bought' my Mini on the mini select finance from my local dealer in October 2011, the retail price was approx £9k. The model is a 2008 hatch, yellow, pepper pack and had 21k miles on the clock.
I returned to my local dealer this afternoon to just get an idea of what options I had in regards to upgrading. However, as the new hatch model was released earlier this month, I was told the value of my car was starting to depreciate quicker than it would have done had the new model not been released. (Unless I've been a fool to believe that).
The valuation I was given was £5k, the car is in good condition with 41k miles on the clock. Recently passed it's MOT and has new tyres/brakes last year.
I still owe about £5.2k on my finance, meaning I'm already in negative equity. They played about with some figures for me based on a mini they have with the spec I'm looking for. This was a 2011 mini hatch, pepper pack, 30k miles and mini TLC. I'd need to put a deposit down of approx £650 for the monthly payments to come back at £199, an increase of £50 a month.
I'm just wondering what peoples opinions are. It makes sense for me to upgrade (sort of), but it's extra expense each month. I could afford to put a slightly higher deposit down, which would reduce the monthly amounts.
As much as I adore my mini, I just think for £199 a month I could get another make car with a higher spec. However, as the cars value and the amount I owe is pretty much evens I'm left without a deposit (unless I save for a while). On the other hand, I could wait 6-8 months but the guys said the value of my car may drop even more so the amount I owe is even more than the value.
You could see if there is a MINI of similar spec on autotrader to see what they are going for on a private sale and that may be a better option.
That is what I hate about those plans where you have a guaranteed value at the end to buy the car outright or hand it back, you never own it, I would much rather get a bank loan, you usually get a better deal in the long run.
What else would you be looking at? I hired another brand of small car for a week to see if I could live with it before deciding what to buy. Turns out nothing else really compared to the Mini for me, but then we have owned only German cars for over 12 years now. Yes, some of the other brands have more whistles and bells to tempt you, but if your heated steering wheel doesn't live up to expectations, will you be pining for your Mini?
Surely the new model knock-on will also affect the cost of an 11-plate negatively?
I think this is also true, this newer 11' mini will lose value faster than your 08' due to being newer and the newer model being out now.
You can also pcp a brand new mini for £199 per month (all be it only a mini one with pepper pack according to minis own website ), you could get a cooper similar with a larger deposit if you shop around. You can even get the new fiesta St for that much a month
Last edited by christian6984; Apr 6th, 2014 at 06:04 PM.
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